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Business & Economy
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Business & Economy
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‘Get over it’: Dimon defends Trump on tariffs
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JPMorgan Chase CEO Jamie Dimon defended President Trump’s tariff push Wednesday, saying “national security trumps a little bit more inflation.”
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© Jacquelyn Martin, The Associated Press
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“If it’s a little inflationary, but it’s good for national security, so be it. I mean, get over it,” Dimon told CNBC during an interview at the World Economic Forum.
Dimon also said he looks at tariffs as an “economic tool,” as Trump presses tariffs on Canada, Mexico and China among other nations. However, some economists claim tariffs would increase prices for American consumers and harm the country’s economy.
Goldman Sachs CEO David Solomon told CNBC at the forum in Davos, Switzerland, that he has some faith in Trump’s negotiation tactics but remained leery of the timeline.
“I think that rebalancing can be constructive for U.S. growth if it’s handled right. The question is, how quickly, how thoughtfully,” Solomon said, adding, “Used appropriately, it can be constructive.”
“This is going to unfold over the course of the year, and we have to watch it closely,” he added.
The Hill’s Ashleigh Fields has more here.
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Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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JPMorgan Chase CEO Jamie Dimon said Wednesday that he and Tesla CEO Elon Musk have “hugged it out” and resolved their differences, after Dimon’s bank sued the tech billionaire’s electric vehicle firm in 2021.
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Amid a flood of executive orders signed Monday, President Trump revoked an executive order signed by former President Biden that set ethics and lobbying rules for appointees.
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Tech billionaire Elon Musk voiced doubts about President Trump’s newly announced infrastructure plan for artificial intelligence, claiming the technology companies behind the effort do not yet have the $500 billion promised for the project.
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Democrats on Wednesday grilled Office of Management and Budget (OMB) nominee Russell Vought over recent executive orders made by President Trump they say “illegally” target funding authorized by former President Biden.
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Welcome to Tax Watch, a new feature in The Hill’s Business & Economy newsletter focused on the fight over tax reform and the push to extend the 2017 Trump tax cuts this year.
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How Trump’s tariffs threats could impact tax debate
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President Trump’s trade policy and foreign maneuvering may seem totally distinct from the push to extend his 2017 tax law. But any new tariff proposal or change in tax policy could have trickle-down effects, if you will, on the broader tax battle.
One area to watch is whether House Republicans face pressure from the White House to include certain tariffs or taxes in an eventual reconciliation package.
Trump has already raised tariff threats against Canada, Mexico and China, and on Wednesday threatened to impose tariffs and sanctions on Russia if there is no deal to stop the fighting in Ukraine “soon.”
He warned if there was not a ceasefire deal soon, he would “have no other choice” but to impose tariffs, taxes and sanctions on “anything being sold by Russia to the United States, and various other participating countries.”
If Trump goes it alone on tariffs, that could also affect the overall state of the economy and fiscal status of the U.S., which influences the timeline and makeup of any big legislative package.
— Sylvan Lane
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Upcoming news themes and events we’re watching:
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- The National Association of Realtors releases existing home sales data for December on Friday at 10 a.m. ET.
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Branch out with more stories from the day:
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LAS VEGAS (AP) — The longest strike in decades by Las Vegas hotel workers ended Wednesday with a ratified …
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Business and economic news we’ve flagged from other outlets:
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- Trump says he can cut the cost of buying a home. Here’s the reality behind that (CNN)
- Exclusive: Trump likely to axe space council after SpaceX lobbying, sources say (Reuters)
- DOGE takes aim at the penny (Business Insider)
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Top stories on The Hill right now:
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President Trump early Wednesday morning slammed the reverend at a National Cathedral prayer service for the inauguration who called on him to have mercy on transgender children and immigrant families. Read more
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Senate Republicans failed on Wednesday to invoke cloture on a bill legislating care for infants “born alive” during attempted abortions, with the motion largely serving to get Democrats on the record as voting against a bill being framed as anti-infanticide. Read more
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Opinions related to business and economic issues submitted to The Hill:
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You’re all caught up. See you tomorrow!
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